Question

Based on the following accounts, calculate the following:
a. Net sales
b. Cost of goods sold
c. Gross profit
d. Net income
Accounts Payable ................. $ 5,900
Operating Expenses ................. 2,100
Kiln Co., Capital ................ 19,800
Purchases ..................... 1,700
Freight-In ..................... 91
Ending Merchandise Inventory, Dec. 31, 201X .... 61
Sales ...................... 6,300
Accounts Receivable ............... 540
Cash ...................... 790
Purchases Discount ............... 54
Sales Returns and Allowances ............ 320
Beg. Merchandise Inventory, Jan. 1, 201X ....... 82
Purchases Returns and Allowances .......... 74
Sales Discount .................. 93



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  • CreatedApril 24, 2014
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